Euro flat as Draghi coy on ECB forward guidance

Forex – The was flat against the dollar Monday as Mario Draghi gave no indication of any change to ECB’s forward guidance.
The euro was off 0.06% at 09:45 ET at $ 1.1174 after a low of $ 1.1162 and a high of $ 1.1190.
Downside risks to the euro-zone economic outlook have eased further, said in prepared remarks to the European Parliament.
He pointed to euro-zone GDP growth of 1.7% in the first quarter and unemployment falling to lowest level since 2009.
However, he said cost pressures fall short of what is need to reach ECB medium term inflation target in a “sustainable” manner.
“An extraordinary amount of monetary policy support, including through our forward guidance, is still necessary,” he said.
The ECB Governing Council is due to announce policy decisions on June 8.
There has been some speculation of a shift in the bank’s forward guidance as early as the June meeting.
The ECB will review the latest update of staff projections at the June meeting.

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